BusinessWorld
March 4, 2021 | 12:09 am
Pandemic hits toll roads, rail services, water and power businesses
METRO PACIFIC Investments Corp. (MPIC) said on Wednesday that its core net income last year had declined 34% to P10.2 billion as the global health crisis slowed down economic activities and reduced business operations.
“MPIC’s consolidated core net income for 2020 declined 34% to P10.2 billion owing largely to the economic contraction brought about by the COVID-19 pandemic,” the Manuel V-Pangilinan-led holding firm said in a regulatory filing.
MPIC said contributions from its operating businesses were down 26% because of reduced toll road traffic, suspended and decreased light rail services, and lowered demand for water and power last year, among others.
Mindanao-Visayas power grid link faces delay
February 19, 2021 | 12:07 am
NGCP cites damaged fiber optic submarine cables
A CRUCIAL transmission project that will link the separate power grids of Visayas and Mindanao may not be completed by the end-2021 target date after portions of fiber optic submarine cables were damaged, the grid system operator said on Thursday.
Privately owned National Grid Corporation of the Philippines (NGCP) in a press release said that it might miss its schedule for the Mindanao-Visayas Interconnection Project (MVIP), which was already pushed back after recent travel restrictions.
The project would connect the grids in Mindanao and Visayas, allowing excess power from both areas to be exported where it is needed, thus helping avoid shortages or thinning reserves.
December 29, 2020 | 12:02 am Font Size
PHILSTAR/EDD GUMBAN
THE LOCAL bourse on Monday suspended the trading of securities of Manila Electric Co. (Meralco), which earlier announced its unit Meralco PowerGen Corp.âs (MGen) intention to acquire 100% ownership of Global Business Power Corp. (GBP) as the distribution utility has yet to submit the requirements for the substantial acquisition.
In a regulatory filing, open-end investment company First Metro Philippine Equity Exchange Traded Fund, Inc. (FMETF) said that the suspension took effect on Monday morning.
âThe Exchange deems that the foregoing transaction (of acquiring full ownership of GBP) is covered by the Rule on Disclosure for Substantial Acquisitions and Reverse Takeovers, under Section 5, Article VII of the Consolidated Listing and Disclosure Rules of the Exchange (the âSubstantial Acquisition Ruleâ),â the FMETF reported.
December 23, 2020 | 8:05 pm Font Size
BW FILE PHOTO
A SUBSIDIARY of Manila Electric Co. (Meralco) will fully own one of the leading power producers outside Luzon after the latter’s two biggest stakeholders signed a deal to transfer their respective holdings for around P34.47 billion.
In a regulatory filing on Wednesday, Meralco said its unit Meralco PowerGen Corp. (MGen) signed agreements with Beacon Powergen Holdings, Inc. and JG Summit Holdings, Inc. for the transfer of their respective shareholdings in Global Business Power Corp. (GBP).
Beacon Powergen holds a 56% ownership interest in GBP, while JG Summit holds 30%. These will be acquired by MGen, which has an existing 14%, for P22.44 billion and P12.02 billion, respectively.